Supermajor Oil Stocks Swing; Total Rises, Petrobras Falls

By Avi Salzman

French oil company Total (TOT) rose 0.8% in midday trading, giving back some of its gains from earlier in the day. Profits rose 20% and beat analysts’ expectations. The company’s refining margins expanded even as production fell about 2%.

CFO Patrick de la Chevardiere said that the company’s strong refining margins may not continue for the rest of the year.

Brazilian oil giant Petrobras (PBR) actually reported earnings late on Friday, but because of Hurricane Sandy its ADR’s hadn’t traded in U.S. markets until today. The shares are down 5.4% after the company said its earnings fell 12% in the most recent quarter, even as analysts had expected it to rise 20%. Rising costs pinched the bottom line and production has been dropping.

“This is probably the worst set of data ever seen from the company,” Credit Suisse analysts wrote.

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